New IRS Partnership Audit Rules Take Effect in 2018 – Are You Prepared?
A major shift has occurred in how the Internal Revenue Service (IRS) will handle partnership tax examinations in the future. On June 13, 2017, the IRS re-released proposed regulations providing guidance on new partnership audit rules. Under these rules, regulators have created new centralized procedures for the audit, assessment, and collection of tax. This move significantly changes how partnership adjustments are determined and passed through to partners.